March 15, 2019

A major and unprecedented structural shift has occurred in the real estate market due to a variety of demographic and socioeconomic factors. Occupied U.S. rental apartment units rose by 20 percent above the prior 10-year period. Real estate investment managers’ allocations to institutional-quality multifamily product have risen on

Read The Full Article...

Thanks to 21st-century technology, modern consumers are conditioned to expect an Uber ride, dinner delivery, or online order from Amazon in a nanosecond. Likewise, renters at the average Class A property expect their community to give them the same instant gratification and provide access to on-site concierge services on-demand,

Read The Full Article...

A Chicago-based developer of trendy apartment communities is planning a $100 million project on a full city block in downtown Phoenix. The 2-acre site — bounded by Second and Third avenues and Van Buren and Monroe streets — is within walking distance of several music and entertainment venues, such as Comerica Theatre and

Read The Full Article...

Residential rents in the United States increased by 2.4% in the 12 months to February 2019 to a median value of $1,472 per month, the latest real estate index shows. This translates to more than $400 in additional yearly expenses for the typical renter, according to the data from real estate firm Zillow. The index report points out

Read The Full Article...

Downtown Phoenix looks much different than it did just a few years ago. It’s a trend that will continue in the coming years as the central city remains a focal point for economic development and population growth. From Roosevelt Row to Van Buren Street west of First Avenue, a number of projects are either nearing completion or

Read The Full Article...

March 14, 2019

Aviation has always pushed boundaries and been at the forefront of innovation and progress. But a long-term development at Phoenix-Mesa Gateway Airport is expected to take innovation to a new level and revolutionize the way products are transported from the U.S. to Mexico. In turn, experts say the development will create

Read The Full Article...

A 700,000-square-foot facility planned by Red Bull, Ball Corp. and Rauch Fruchtsafte will represent an investment of over $70 million in Glendale. Chris Camacho, president and CEO of the Greater Phoenix Economic Council, said his organization has been involved with the project since July, when a consultant with Deloitte contacted

Read The Full Article...

Local developer Conor Commercial Real Estate and Globe Corporation sold two Class A distribution buildings totaling 225,600 square feet in Gilbert, Arizona, to a private investor. AZ|60 sold for $27 million, or about $120 per square foot. The single-story structures at 1343 N. Colorado St. comprise a combined total of

Read The Full Article...

A key new addition to Scottsdale’s hospitality market has hit some key milestones on its way to a projected June 2019 opening, including selection of its operating company and general manager. Jackson-Shaw has selected local hotel industry veteran Jesica O’Connell to serve as the General Manager for the new Element Hotel at

Read The Full Article...

The Arizona Spaceport Alliance wants the state to be front and center in the space race. Specifically, the group is raising awareness for the need to build a spaceport in the state to increase the economic development of Arizona’s burgeoning aerospace manufacturing industry. With 1,200 companies in the industry, from traditional to

Read The Full Article...

March 13, 2019

U.S. retail real estate is bursting at the seams. The national retail vacancy rate fell to 4.4 percent, its lowest level in more than a dozen years, in the final quarter of 2018, according to a CoStar analysis. That happened even as retailers leased space in U.S. malls at the slowest pace since the Great Recession. It’s the latest sign that big-box

Read The Full Article...

A study shows Phoenix and Tempe are 2 of the most affordable cities in which to work and live. Residents of Phoenix have an average of 81% of their salary leftover after rent and Tempe residents have an average of 79% left. Many factors determine where people settle down but having the opportunity to live your best life is at the

Read The Full Article...

Phoenix is continuing to become more popular among commercial real estate investors, jumping up in the rankings from last year, according to a survey done by CBRE of cities in the Americas. Phoenix was ranked ninth among the most attractive cities for property investment in the 2019 Investor Intentions Survey, compared with

Read The Full Article...

A joint venture between LGE Design Build and Clarius Partners LLC has broken ground on The HUB at Goodyear, a 790,980-square-foot warehouse in Goodyear, Ariz. JLL is the project’s exclusive leasing broker. “The HUB is the first project to hit Goodyear’s ‘Bullard Tech Corridor’ and is an early part of the red-hot development wave

Read The Full Article...

Sperry Equities purchased a 247,645-square-foot office building in Phoenix from Arizona Central Credit Union. 2020 on Central sold for an undisclosed price. The acquisition marks Sperry Equities’ 10th acquisition in the Phoenix metropolitan area, and the firm plans to invest in another $100 million of real estate in the area in the

Read The Full Article...

March 12, 2019

The bioscience market is taking off in Phoenix. The market has more bioscience and healthcare facility product under construction than any other market in the US, according to research from CBRE. In the next 24 moths, there is more than $3.5 billion in capital investment, which equates to 4.4 million square feet of construction

Read The Full Article...

Evergreen Devco, Inc., a leading retail and multifamily development company, announced today that it has completed the sale of the apartment community within its mixed-use redevelopment, Trellis on Bell, located at 12th Street and Bell Road in North Phoenix. Green Leaf Partners purchased the 306-unit apartment community from

Read The Full Article...

Cushman & Wakefield completed the sale of the former P.F. Chang’s headquarters, located at Miller Road and Pinnacle Peak Road in Scottsdale, Ariz. Miami-based Lennar Homes purchased the property from Scottsdale-based P.F. Chang’s for $12 million. Brooks Griffith with Cushman & Wakefield’s land advisory group, along

Read The Full Article...

Mega-deals helped spur foreign investment in U.S. commercial real estate to a near record level in 2018, and many are watching to see if that momentum can carry over into 2019. According to research firm Real Capital Analytics (RCA), cross-border acquisitions of U.S. commercial real estate surged to $94.9 billion last year, jumping

Read The Full Article...

Concerns over partisan politics. Cyberattacks. Investments in cannabis spaces. Opportunity Zones. Seyfarth Shaw’s 4th annual Real Estate Market Sentiment Survey examines all of these tough topics and their impact on the commercial real estate industry. The majority of respondents to the survey, 85%, have no plans on investing in the

Read The Full Article...

March 11, 2019

A juice bar and bike-washing station are among the perks in the latest upscale apartment community to open to renters in downtown Phoenix, during what’s expected to be a peak year for apartment construction in the revitalizing area as developers try to keep up with feverish demand for luxury rentals. Real estate company Hunt Cos. Inc., developer

Read The Full Article...

One of the country’s biggest multifamily investors has returned to the Phoenix area to buy apartments for the first time in seven years, a sign of strength for the robust market. Camden Property Trust, a real estate investment trust out of Houston, plunked down $97 million for the 316-unit, low-rise property at 7350 E. Stetson Drive in

Read The Full Article...

Last year, apartment sales set a new record in Phoenix as more than $6.2 billion worth of multifamily properties were sold, shattering the previous high of $5.1 billion set in 2016. The average price per unit for apartment properties in Phoenix also soared to a new all-time high of $145,000 per unit, a 27 percent jump from the previous year. Early

Read The Full Article...

Livability.com has released its sixth annual Top 100 Best Places to Live list. The new rankings are the culmination of months of exclusive research into relocation trends, economic variables and factors that influence quality of life for everyone. Forty-seven states are represented from coast to coast. The 2019 rankings were guided by an

Read The Full Article...

Scottsdale will soon welcome Mavrix, the Valley’s newest entertainment hub, offering 24 lanes of upscale bowling, 85 arcade games, state-of-the-art laser tag, billiards tables, dozens of 4K televisions, 1,500 square feet of meeting and event space, a 5,000 square-foot restaurant and bar featuring chef-prepared menu items and a

Read The Full Article...